Lowe’s Companies Inc. (Mooresville, N.C.) reported a 17.9 percent increase in net earnings for the second quarter ended July 30, 2004.
Sales for the quarter increased 17.3 percent and same-store sales increased 5.1 percent.
For the first six months of the retailer’s fiscal year, sales are up 19.4 percent over a year ago and same-store sales have increased 7.2 percent.
“Robust housing turnover, record home ownership, attractive mortgage rates and improving consumer confidence highlighted a solid performance in the second quarter where our stores delivered record earnings,” said chairman and ceo Robert Tillman. “A strong and vibrant housing market, combined with the commitment of our employees to provide excellent customer service, are the foundations for our confidence in the future.”
“Following a solid start to the quarter, sales weakened in June as several factors, including adverse weather in many parts of the country, impacted consumers’ ability to initiate typical late spring and early summer projects,” said president Robert Niblock. “Sales rebounded in July, and we were pleased with the direction of business as the quarter concluded. We continue to invest in our stores and enhance displays with product resets, ensuring a great shopping environment for our customers. As our merchants continue to drive innovation and our stores provide excellent service, we’re confident that we have the programs in place to deliver strong results in the second half of 2004.”
During the quarter, Lowe’s opened 20 new stores, including three relocations. As of July 30, 2004, the retailer has 997 stores in operation in 45 states, representing 113.8 million square feet of retail selling space, a 14.2 percent increase over last year. The company said it expects to open 33 stores in its third quarter and 140 new stores for the year.